COVID-19

March, 21 2020 Published by CCI National - By Elia Associates

COVID-19 Ontario Bulletin No. 7: Status Certificates

While it is too early to tell, we anticipate that the operational costs for a condominium corporation are increasing. This means that budgets may not accurately reflect, at the current time, the impact of this pandemic.

While it is too early to tell, we anticipate that the operational costs for a condominium corporation are increasing. This means that budgets may not accurately reflect, at the current time, the impact of this pandemic.

So, what does that mean for your status certificates?

  1. Status certificates should be modified with the help of your legal counsel to address the potentiality that budgetary numbers will not be accurate since the same may be a consideration for future purchasers.
  2. Where on-site hours are not consistent or are reduced, common element deposits may not be current. In addition with some boards deferring common expenses, numbers need to be tracked. Thus, impacting the amount of common expenses owed.

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